Receivership Information

1
Receivership Information

• Regency Park
• Homeowners Association
• Hiram, Georgia

2
Who is the Receiver?

• Albert F. Nasuti was appointed by a Superior
  Court Judge in Douglas County, to be the Receiver
  for lots owned by Avenue Homes, Capri Homes, and
  Pine Grove Builders.
• James M. Cavin and Ted W. Hight, III, of the law
  firm of Thompson, OBrien, Kemp, Nasuti, P.C.
  in Norcross, are attorneys working for the
  Receiver.

3
What is a Receiver?

• A Receiver is appointed by a Court when the
  rights of either or both parties cannot be
  protected, or when there is property with no one
  to manage it.
• O.C.G.A. 9-8-1.

4
What does a Receiver do?

• The law requires that the Receiver take
  possession of and preserve property that is the
  subject of a lawsuit, so that the assets will be
  fully available to pay the claims of creditors.
• In this case, the Douglas County Superior Court
  Judge appointed Mr. Nasuti to maintain and repair
  the lots owned by Avenue Homes, Capri Homes, and
  Pine Grove Builders, so they may be preserved to
  pay the claims of Bank of Amercia, the builders
  creditor. (The builders and the bank are the
  parties in the lawsuit.)

5
How long will it last?

• The Receiver serves until released by the Judge.
• Things that will cause the Judge to release the
  Receiver
• - Bank of America forecloses their loans.
• - The lots are repaired and maintained to the
  point they can be sold.
• - The Judge decides to. (The law gives the
  Judge broad discretion).

6
What has been done so far?

• Street cleaning project in Phase II Mud removed
  from Lanier Court and the entry to Monarch Way,
  allowing residents access to Monarch Way and
  opening up the storm drains.
• Lawn maintenance contract is being awarded to
  bring lawns at vacant houses in compliance with
  Paulding County ordinances, and in turn retore
  the neighborhoods appearance.

7
What is next?

• Placement of private security, to prevent
  vandalism of vacant and partially-completed
  homes.
• Stabilization of the soil on empty lots to stem
  the flow of mud into the streets and prevent soil
  erosion.
• Securing partially-completed houses to prevent
  weather damage, vandalism, or injury.
• Cleaning and stabilization of the retention pond
  next to Lanier Court, in Phase II.

8
What can you do?

• Keep an eye out for vandals or thieves. Report
  them to the Paulding County Sheriff, the private
  security guard, or your Neighborhood Watch.
• Report any concerns about the condition of lots
  owned by Avenue Homes, Capri Homes, and Pine
  Grove Builders to the Board of the Regency Park
  Homeowners Association. They will inform the
  Receiver and the attorneys working for him.

9
What else can you do?

• Keep in mind the Receiver (and the contractors he
  hires) are here to preserve the lots owned by
  Avenue Homes, Capri Homes, and Pine Grove
  Builders, so that they can eventually be sold.
• The Court has not authorized the Receiver to
  perform any warranty labor for occupied homes,
  any of the responsibilities of the Developer, or
  the placement of any amenities.
• The Receiver has no authority or control over
  Phase III.
• The Receiver has no authority or control over
  Avenue Homes, Capri Homes, or Pine Grove
  Builders.
• Work with us, while we try and improve these
  properties and the neighborhood.